Mortgage rates were mixed in the Baltimore area this week.

Key 30-year rate remains unchanged in Baltimore

According to Bankrate’s national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Baltimore area stood at 3.94 percent.

The mortgages in this week’s survey averaged 0.20 discount and origination points.

With the most popular mortgage rate doing a whole lot of nothing, it’s neither good news nor bad news for potential borrowers who were waiting to lock a mortgage rate.

Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgage were also unchanged, holding at $782.04.

Other Baltimore mortgage types slide

Conversely, the average rate for 30-year jumbo mortgages fell this week, down 17 basis points to 4.00 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Baltimore area, that limit is $517,500.

The average rate for 15-year fixed-rate mortgages slipped to 3.19 percent, dipping 8 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates down, dropping $6.39 to $1,154.60.

The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this decrease in the 15-year fixed, a refinance will be more advantageous to some homeowners.

The popular 5/1 adjustable-rate mortgage rate fell to 2.94 percent this week, a drop of an impressive 14 basis points. 5/1 adjustable-rate mortgages allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most common type of variable-rate mortgage.

Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate’s survey of mortgage lenders conducted November 15, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $517,500 in the Baltimore area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week’s rate: 3.94% 3.19% 2.94% 4.00%
Change from last week: N/C -0.08 -0.14 -0.17
Monthly payment: $782.04 $1,154.60 $690.32 $2,470.62
Change from last week: N/C -$6.39 -$12.34 -$50.45

Methodology: The “ National Average,” or “national survey of large lenders,” is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We’ve conducted this survey in the same manner for more than 30 years, and because it’s consistently done the way it is, it gives an accurate national apples-to-apples comparison.

To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s Rate Averages.”